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On March 24, 2009,
reported that it swung to a net loss in Q4 FY08, hurt by an unrealized currency-exchange loss of Canadian Dollars (Cdn)$90.70 million and one-time costs of Cdn$23.00 million associated with strategic review process and corporate restructuring. Net loss stood at Cdn$95.94 million or Cdn$0.74 per share compared to a net profit of Cdn$50.46 million or Cdn$0.38 per share in Q4 FY07. Adjusted operational loss was Cdn$9.22 million compared to Cdn$9.73 million in the year ago quarter.
Total revenue decreased 18.4% to Cdn$104.77 million from Cdn$128.45 million, due to a drop in the average realized prices of liquids and a decline in production volumes. Funds from operations plunged 58.0% to Cdn$20.26 million from Cdn$48.19 million in the prior year's quarter.
Total production volumes fell 23.8% to 24,868 barrels of oil equivalent per day (Boe/d) from 32,646 Boe/d last year. Average production of natural gas fell to 125.00 million cubic feet per day (MMcf/d) from 167.00 MMcf/d. Similarly, average daily production of liquids fell 14.6% to 4,113 barrels per day (bbls/d) from 4,818 bbls/d. Realized price of liquids decreased 21.9% to Cdn$60.60 per bbl, while natural gas' realized price improved 16.5% to $6.99 per thousand cubic feet (Mcf) from $6.00 per Mcf. Total average price spiked 7.1% to Cdn$45.79 per Boe from Cdn$42.77 per Boe.
For FY08, CMZ reported net loss of Cdn$43.00 million or Cdn$0.33 per share compared to a net profit of Cdn$129.27 million or Cdn$0.98 per share in FY07, while its annual revenue advanced 20.6% to Cdn$610.30 million from Cdn$506.22 million a year ago.
Looking forward to FY09, the company revised its plans due to the decline in commodity prices and expects that the 2009 capital program will be less than the initially planned Cdn$161.50 million. CMZ targets average annual production of 25,000 to 26,000 Boe/d.